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Holding On To Its Recent Gains


Spreads are tighter


Watching Support


(K3) Downtrend Remains Intact

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CPIs are the main focus

  • Bund had a decent 87 ticks spike pre cash open, after the first set of German regional CPI (North Rhine) showed a slowdown in inflation vs last.
  • This has also benefited the Estoxx, with the latter looking at closing Monday's gap, up to 3963.00.
  • It didn't take much in term of volumes for Bund with 4k lifted at that time, but volumes, given the time of the day are above averages into the cash open.
  • Resistance in Bund is seen at yesterday's high, 141.42.
  • Main focus is the first set of CPIs, today includes Spain/German (prelim), and this will be followed by French/Italian/EU (Prelim) CPIs tomorrow.
  • SUPPLY: Netherlands EU1.5bn 2031 (Equate to 8.8k Bund), Italy EU3bn 10yr (equates to 25k BTP).
  • SPEAKERS: ECB Guindos, de Cos, Schnabel, BoE Mann, Bailey, SNB Schlegel.

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